2021 Budget Updates LIVE: Nirmala Sitharaman Economic Survey tables; GDP is estimated to contract by 7.7%

Budget 2021 LATEST updates: The Finance Minister presented the Economic Study 2021 at the Lok Sabha, after which the session was adjourned. The survey has estimated a 7.7 percent contraction of GDP in fiscal year 2021-22.

Meanwhile, Rajya Sabha will meet again at 3pm.

Aatmanirbhar Bharat is not only limited to manufacturing in India, but also aims to raise the standard of living of all Indians and increase the self-confidence of the country, said Vice President M Venkaiah Naidu.

The government would like to clarify that the rights and facilities that were available before the formation of the three agricultural laws have not been truncated, in fact with these new agricultural reforms the government has provided new facilities and rights to farmers, said President Ram Nath . Kovind on Friday.

To help small and marginalized farmers, the government has transferred around Rs 1.13 lakh crore directly to their accounts. Other than that, farmers have also benefited greatly from Fasal Bima Yojna, said President Ram Nath Kovind.

The national flag and a holy day like Republic Day have been insulted in recent days. The Constitution that gives us Freedom of Expression is the same Constitution that teaches us that the law and rules must be followed seriously, said President Ram Nath Kovind during the joint parliamentary session.

Parliament’s crucial budget session is set for a stormy start with up to 18 opposition parties announcing their decision to boycott the president’s speech at a joint session of both houses on Friday, in solidarity with farmers agitating against the three controversies. agricultural laws.

The session is also likely to witness bitter scenes, with the opposition poised to corner the government on issues such as the recession, job losses, handling the COVID crisis, LAC’s clash with China, and chat leaks. of WhatsApp of Arnab Goswami.

Claiming that the farm laws were pushed by the BJP government without a national consensus, opposition parties announced on Thursday their decision to boycott the president’s speech, a move called “most unfortunate” by Parliamentary Affairs Minister Prahlad. Joshi.

To seek the cooperation of various parties for the smooth running of the budget session, Lok Sabha chairman Om Birla called a meeting of all political parties on Friday that Prime Minister Narendra Modi is expected to attend.

The session will begin with the President’s speech followed by the presentation of the Economic Study.

The Union’s budget will be presented by the Minister of Finance, Nirmala Sitharaman, on February 1. Both houses will also debate on the Motion of thanks to the speech of the President after the presentation of the budget.

The 2021 Economic Study will be presented on January 29, a couple of days before the Union budget, which will be presented on February 1.

President Ram Nath Kovind will address the joint session of both Houses on the same day.

Prepared by the Economic Division of the Department of Economic Affairs (DEA) under the direction of the CEA, the Economic Survey is a detailed report on the state of the economy in the last year. List the key challenges to expect and how to get out of them.

The Economic Study is approved by the Minister of Finance after the document is prepared. The first Economic Study was presented in 1960-51 and until 1964 it was published at the time of the Budget.

While the Economic Study is a crucial document that provides an extensive official version of the government’s opinion on the country’s economic situation, in reality, the government is not constitutionally bound to present the Economic Study or to follow the recommendations made in it.

The paper also looks at trends in the money supply, infrastructure, agricultural and industrial production along with employment, prices, exports, imports, foreign exchange reserves, and other important factors that can affect the budget.

Apart from this, the economic magnitudes are grouped, such as how much is set aside for capital formation, etc. This helps to better appreciate the impact of government revenues and expenditures on other sectors of the economy.

The Economic Study 2021 is of particular importance, since during the COVID-19 pandemic. According to the government’s First Advance estimates, the economy may shrink by 7.7 percent. The survey is likely to describe plans to get the economy back on track and achieve the $ 5 trillion goal that was set in 2019.